National Stock Exchange has reduced its IPO size and fixed a cautious price band lower than unlisted market values. The exchange will sell 12.64 crore shares through an offer for sale, representing 5.11% of its equity. The issue size now stands between ₹21,494 crore and ₹22,569 crore, down from nearly ₹30,000 crore earlier.
The price band has been set at ₹1,700 to ₹1,785 per share, below the unlisted market level of around ₹2,000. This adjustment reflects shareholder restraint and a preference for smoother listing over aggressive valuation. Large investors including SBI and MS Strategic have trimmed their participation, reducing the overall offer size.
The IPO opens on September 17 and closes on September 21, with anchor allocation scheduled for September 16. Since the issue is entirely an offer for sale, NSE will not raise fresh capital. Proceeds will go to existing shareholders.
Strategically, NSE is diversifying revenue streams beyond derivatives. Weekly index contracts contributed 46% of revenue in FY26, while transaction charges now account for 70% compared with 79% five years ago. The exchange is expanding into data services, connectivity, indices, ETFs and electronic gold receipts. With no promoter, NSE aims for eventual full public float.
